Performance Overview

For the nine-month period ended September 30, 2021, the Group reported Profit before Tax of $123m, an increase of $8m or 6.9% over the prior comparable period. Profit after tax was recorded at $92.3m, an increase of $11.6m or 14.4% over the same period last year.

The Group’s revenue performance of $613m showed strong growth of 6.8% or $39m year over year. Revenue growth was driven by increased demand for our branded products in international markets (North America, the Europe Middle East Asia Africa Region (EMEAA), UK, Australasia, Latin America (LATAM)). Collectively, these markets account for an increase in revenue of 38%. Local sales, however, affected by the local economic conditions and sustained health regulations, were 5% below the comparative period last year.

In analysis of segments, revenue from Angostura Aromatic Bitters, Angostura Chill/LLB and our extensive agency portfolio of products exceeded the comparative period last year by $61m or 42.1%. Bitters demand in Australasia, the EMEAA and the UK is responsible for driving international sales and overall revenue growth, boosted by e-commerce and the reopening of the on-premise trade (restaurants in particular) over the last fiscal quarter.

With Gross Profit margins in line with the prior comparative period, and savings of approximately $17m in operating expenses, profitability has been consistent year over year.

As we welcome the full re-opening of the local on-premise channel, especially restaurants and bars, we are optimistic that the wider entertainment industry will rebound and the local economy will be reinvigorated. While the unprecedented global supply chain gridlocks, both on sea and on land, have directly impacted some markets, overall international growth fueled by recovery of most major economies and increased demand for our products is projected to continue to drive our performance.

During this final quarter of the fiscal year 2021, we made a payment of an interim dividend to shareholders on record as at October 6, 2021 of $0.09 per share. This coupled with ongoing expansion in overseas markets and innovation in product offerings is testimony to the dedication and focus of our employees in maximizing shareholder value and contributing to national pride.

Mr. Terrence Bharath
Chairman
October 28, 2021